The Dow Jones Industrial Average struggled to hold onto gains as the so-called Magnificent Seven stocks faced a downturn, dragging down the overall market sentiment. Tech giants Apple, Microsoft, Tesla, and Google parent Alphabet all saw their stock prices plummet, contributing to the tech-heavy Nasdaq experiencing the sharpest decline among the major indexes. Meanwhile, Q3 gross domestic product (GDP) growth came in at an impressive 4.9% year over year, surpassing economists' expectations and marking the biggest gain since Q4 of 2021.

The disappointing performance of the Magnificent Seven stocks has left investors questioning the strength of the economic backdrop. Oanda senior market analyst Edward Moya noted that "higher interest rates for longer" are not going away, and weak data on capital expenditure spending further dampened Wall Street's sentiment. Additionally, concerns over geopolitical risks continue to linger, as indicated by strong demand during today's seven-year Treasury note auction.

Despite the overall market turmoil, some stocks managed to stand out. International Business Machines (IBM) impressed investors with its third-quarter results, surpassing analyst expectations and leading to a 5% increase in stock price. Boeing and Merck also had positive sessions, rising around 3% each. However, Nike experienced a steep drop, falling nearly 3%, while Visa struggled, dipping around 2%.

Meta Platforms, the parent company of social media giant Facebook, faced a bearish reaction to its earnings, causing a more than 3% drop in stock price. The chief financial officer, Susan Li, highlighted potential softness in advertising revenue due to the Israel-Hamas conflict, which affected the firm's Q4 revenue outlook. Despite this, CEO Mark Zuckerberg highlighted positive product launches, including the Quest 3 headset and Ray-Ban Meta smart glasses.

The remaining Magnificent Seven stocks also faced significant losses. Apple's stock dropped more than 2% and fell below the key 200-day moving average. Microsoft stock lost ground and Tesla stock dipped below the 200-day moving average, experiencing a 15% decline in just one month. Google parent Alphabet fell another 2%, adding to the previous day's decline, while Nvidia remained down nearly 3%. Their disappointing performance added to the tech sector's struggles.

Investors eagerly awaited Amazon.com's earnings report after market close. Analysts predicted a rise of 190% in earnings to 58 cents per share, with revenue expected to increase by 11.4% to $141.53 billion. Attention was particularly focused on Amazon Web Services growth, especially after recent reports from Alphabet and Microsoft suggested "flattish" growth in the sector. Amazon stock was down around 1% but remained above the 200-day moving average.

Amidst the market turmoil, IPO stock Mobileye Global stood out with a nearly 9% surge in stock price, following better-than-expected earnings and revenue results. The company, specializing in autonomous driving technology, saw strong growth in EPS and sales for the third quarter.

Outside the Dow Jones, several stocks demonstrated strength. Baker Hughes showed resilience as it formed a flat base, EQT recaptured its 50-day moving average, and Packaging Corp. of America continued to build a flat base with an increasing relative strength line.

In summary, the market faced significant challenges as the Magnificent Seven stocks experienced a notable slide. The tech sector was hit the hardest, with the Nasdaq leading the decline. Despite this, GDP growth surprised economists with its robust performance. Investors now eagerly await Amazon's earnings report to gauge the overall health of the tech sector.